Micron price target raised to $172 from $150 at Baird

Baird raised the firm’s price target on Micron to $172 from $150 and keeps an Outperform rating on the shares. The firm raised its target to reflect Micron’s rising HBM exposure. HBM is reminiscent of the early days of NAND flash, with similar bit CAGR and an even-higher gross margin profile potential. Near-term, memory pricing trends remain strong with continued price increases expected throughout the year.